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Arturiano [62]
3 years ago
10

The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964. The bank statement shows an ending bal

ance of $2,525. The following information is discovered by (1) comparing last month’s deposits in transit and outstanding checks with this month’s bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.
Deposits in transit: 11/29 $125
11/30 200
Outstanding checks: No. 322 17
No. 324 105
No. 327 54
Unrecorded ATM withdrawal:* 100
Bank service charge: 25
NSF check: 185
Error on Check No. 321 Checkbook shows it was for $64, but it was actually written for $44. Accounts Payable was debited.
Funds were withdrawn by Susan Kyri for personal use.
Required:
1. Prepare a bank reconciliation as of November 30, 20--.
2. Prepare the required journal entries.
Business
1 answer:
lianna [129]3 years ago
4 0

Answer:

1)

reconciliation of bank balance:

bank balance $2,525

+ deposits in transit 11/29 $125

+ deposits in transit 11/30 $200

- outstanding check N. 322 $17

- outstanding check N. 324 $105

- outstanding check N. 327 $54

adjusted bank balance $2,674

reconciliation of checking account:

checking account balance $2,964

+ error on Check N. 321 $20

- NSF check $185

- unrecorded ATM withdrawal $100

- bank fees $25

adjusted checking account $2,674

2)

To correct the error on Check N. 321

Dr Cash 20

    Cr Accounts payable 20

To record NSF check

Dr Accounts receivable 185

    Cr Cash 185

To record ATM withdrawal

Dr Drawing - Susan Kyri 100

    Cr Cash 100

To record the bank fees

Dr Bank charges 25

    Cr Cash 25

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Explanation:

THIS IS THE COMPLETE QUESTION BELOW

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